According to Bermuda president David Burt’s announcement, Binance is planning to establish a new global hub of integration in Bermuda in the next few months.
Speaking at a joint press conference Friday, Burt announced that the Binance Charity Authority has signed a memorandum of understanding about donating $ 10 million for technology-related educational programs. An additional $5 million will be used for blockchain startups.
In addition, Binance will assist Bermuda in creating a regulatory structure for crypto money and blockchain to the government, and will open a new office in the country.
At the Burt press conference, he declared:
“With this partnership, Binance proposed establishing its own global compliance center here in Bermuda, thereby creating at least 30 jobs for the Bermudians with a total of 40 workshops … and in addition to being practical, establishing a crypto money exchange in Bermuda will be subject to all legal and regulatory elements, and will work in cooperation with the oversea institutions and the Bermuda government and the development and development of strong legislative and regulatory codes.
Binance CEO and founder Zhao Changpeng stated that the Bermuda government and its regulatory agencies are “one of the most canadian relatives in this state” and that the company will do its best to “help the local economy.”
The institution has already begun to work already with a local law firm to ensure that the new office of the startup company is in line with the relevant laws.
During the press conference, Zhao also dubbed the current case against Binance, “the Hong Kong Supreme Court has already rejected them and has ruled over to Sequoia to pay our legal fees.”
During the closing speech, Burt also talked about a new draft law that Bermuda is trying to pass about ICOs (initial coin offering). Burt said he wanted to “control” the first digital money supply within Bermuda’s borders.
“We want Bermuda to become the world’s number one regulatory body within its borders. We have a reputation to protect and we will protect it, but at the same time we want to continue to work with all the people and institutions we believe to be an influence for the people of this country to develop and to increase their future employment opportunities.”